Finding A Great Real Estate Agent

Posted on: 8 June 2017

Condominium sales are a growing segment of today's real estate market. This is, in part, due to the fact that condos offer their owners an opportunity to avoid many of the expensive and time-consuming duties of home ownership, such as roof replacement, new exterior paint, and lawn maintenance. Other owners like the enhanced security that many condos offer and the freedom to travel with less worry that a burglary might occur. No matter why you are interested in purchasing a condo for your next home, there are some things first-time condo buyers should know in order to get the best possible deal. 

Learn as much as possible about how the condo development is managed before making an offer

Since a condo is part of a small community with close neighbors, it is important to make sure that it is well-managed and that the existing condo owners are satisfied with the arrangement. Management can be either by a full-time property management staff or by a form of self-government where property owners meet periodically to make necessary decisions. 

While either management style can be effective, taking time to speak with several of the existing owners will help prospective buyers determine if it is a good fit for them. 

Get detailed information regarding all condo fees and how the fees are collected and managed

Unlike living in a single family home, condo living typically requires paying monthly or periodic fees. Since repairs, maintenance, and upkeep are paid through these fees, prospective buyers will want to make sure that an adequate portion of the fees collected are being held in a repair fund that is sufficient to handle upcoming costs and emergency repairs, with adequate increases to the fund as the units age. 

Remember that condo developments that routinely have more than a few vacancies or those that have extremely low fees may not be able to fund major repairs when needed, so prospective buyers should always consider these issues carefully. 

Understand all the rules and make sure they fit your situation

Condo rules and regulations can differ greatly from development to development. Prospective buyers who want to enjoy their home to its fullest should make sure they understand exactly what amenities are included and what, if any responsibilities they may have to maintain any of them, including porches, parking facilities, storage areas, and others. 

Prospective buyers who choose to work with a real estate professional with broad experience in condo sales can enjoy reliable guidance throughout the process. These agents will also be familiar with the available condos in the area, which can be helpful in streamlining the entire purchase process.